Amit Agarwal, the President of Datadog, Inc. (NASDAQ:DDOG), recently executed a sale of Class A Common Stock valued at approximately $3.8 million. According to a Form 4 filing with the Securities and Exchange Commission, the transactions took place on November 27, 2024. The sale comes as Datadog, currently valued at $51.89 billion, trades near its 52-week high of $157.48. InvestingPro analysis indicates the stock may be slightly overvalued at current levels, with 18 key insights available to subscribers.
Agarwal sold a total of 24,000 shares at prices ranging from $151.3989 to $155.0787 per share. The sales were made under a pre-established 10b5-1 trading plan dated August 16, 2024. Following these transactions, Agarwal retains direct ownership of 207,054 shares of Datadog, along with additional shares held indirectly through family trusts.
Additionally, Agarwal converted 25,000 shares of Class B Common Stock into Class A Common Stock, although this conversion did not involve a financial transaction. The Class B shares are convertible into Class A shares at any time and have no expiration date.
These transactions are part of Agarwal's ongoing management of his equity holdings in Datadog, a leading provider of monitoring and analytics platforms for developers, IT operations teams, and business users.
In other recent news, Datadog, a monitoring and analytics platform, has been the focus of several financial firms, with analysts maintaining positive ratings and increasing price targets. TD Cowen has maintained a Buy rating on Datadog shares with a price target of $165.00, citing significant market opportunities, strong cloud leverage, and increasing free cash flow. CMB International Securities initiated a Buy rating with a target of $154.30, highlighting the company's solid revenue growth and strong market position.
BMO Capital Markets raised its price target to $145, maintaining an Outperform rating, following Datadog's recent quarterly earnings that surpassed revenue estimates. Needham also raised its target to $160 from $140, citing strong third-quarter performance and significant revenue surpassing expectations. Rosenblatt increased its target to $148, while Barclays (LON:BARC) raised its target to $155, both firms citing the company's solid performance and growing AI-native customer base.
Datadog's third-quarter financial performance revealed a 26% year-over-year revenue increase, reaching $690 million. This robust growth was accompanied by the addition of approximately 2,400 new customers, with 3,490 customers contributing over $100,000 in annual recurring revenue (ARR), accounting for 88% of the total ARR. Datadog's free cash flow remained strong at $204 million, indicating a 30% margin. These recent developments reflect a positive outlook on Datadog's business prospects, innovation, and market position.
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